The cryptocurrency market displays varying trends as Bitcoin stabilizes after reaching a record high, while Ethereum and XRP show positive outcomes.
Bitcoin Trades Sideways After Record High
Bitcoin (BTC) holds its ground after setting a record above $123,000 last week. The price is currently trading in a tight range between $116,000 and $120,000, standing at $119,342.40, up 1.66% in the last 24 hours.
If Bitcoin dips below $116,000 and closes at that level, a further pullback to the 50-day EMA around $110,297 may occur. The RSI at 64 indicates weakened buying pressure. The MACD is close to a bearish crossover, which could signal a sell-off.
Ethereum and XRP Push Higher
Ethereum (ETH) ended last week with a substantial 26% gain, breaking above key resistance at $3,730 and trading around $3,739. If this level holds as support, ETH may test the $4,000 mark. The RSI is high at 86, indicating overbought conditions.
Ripple’s XRP also performed well, hitting $3.66 on Friday but currently trading at $3.47 with a 2% gain. It found support near $3.40, where staying above may allow bulls to retest levels of $3.66 and $4.13.
Overall Market Dynamics
Despite overbought signals, buyer activity remains strong. With Bitcoin stabilizing, attention shifts to altcoins. Data show Bitcoin significantly outperformed traditional stocks, gaining 85% from $63,970 on July 21, 2024.
Thus, the cryptocurrency market displays diverse trends, with Bitcoin stabilizing after records, while Ethereum and XRP continue to rise, creating positive expectations among traders.
